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F/6R ； . C Ij L ^ ^ 、• ^Qao • . mMmm - f/6r ！b(b ；. CijL^^ 、• ^Qao "I: J ATTITUDE OF CORPORATE CUSTOMERS TOWARDS BANKS AND BANKING SERVICES IN HONG KONG by LAM YIN-SHING DONALD & HO CHI HUNG 林燕勝 何志雄 MBA PROJECT REPORT Presented to i^A^^ywk：^ The Graduate School <cd% pi 2 1 iUN 1994_ In Partial Fulfillment “ of the Requirements for the Degree of MASTER OF BUSINESS ADMINISTRATION THREE-YEAR MBA PROGRAMME THE CHINESE UNIVERSITY OF HONG KONG May 1993 (DR DENNIS FAN) Supervisor ii ABSTRACT The industry structure of Hong Kong is becoming more service oriented and the banking industry is an important constituent contributing to the growth of the economy. Competitions in the industry are getting more intense, especially in the corporate banking sector. This is partly attributable to the homogeneity of products, i.e. money or loanable fund. Banks are competing with each others on both price and non-price terms despite the existence of a few dominant players. Previous studies on corporate customers' attitudes towards banks and banking services especially in the territory are either limited or out-dated in light of the fast changing business and political environment. This study tries to identify the profile of corporate customers, their banking behaviour and banking needs. A survey was conducted in December 1992 to solicit the chief executives/general managers of targeted companies their views towards banks and banking services in Hong Kong including their bank selection criteria. Similar to previous studies in Hong Kong, majority of the respondents maintained relationships with more than one bank. This is in sharp contrast with the banking behaviour of medium size companies without international exposure in the United Kingdom. However, they exhibited a high degree of loyalty to existing bank(s) with nearly 90 percent of them not having switched their main bank(s) in the preceding two years. The major reasons for leaving a bank were larger credit limits with fewer collateral requirement, better interest rate, better quality of service and longer term financing provided by new banks. iii The Bank of China Group is gaining popularity in the corporate sector. It is now among the first four best/most important banks. The four most important banks ranked in descending order were the Hongkong and Shanghai Banking Corporation Ltd, the Bank of China Group, the Standard Chartered Bank and the Hang Seng Bank Ltd. In terms of quality of service, the Hongkong and Shanghai Banking Corporation Ltd and the Standard Chartered Bank still maintained their respective rankings, but the Hang Seng Bank Ltd took over the position of the Bank of China Group as the second best bank in the territory. The Bank of China Group was ranked the fourth. The most frequently used banking services were current account, remittance, savings/time/swap deposits, foreign exchange and import/export finance. The non- traditional banking services such as insurance and management consultancy have become less frequently used as compared to the previous studies. The top ten bank selection criteria in decreasing order of importance were quality of service, operational efficiency, better pricing terms, flexibility in structuring facilities, fast decision making, long standing relationship, ease of access to bank, larger bank size (or stronger financial strength), stable and persistent lending even if it is conservative and stringent, and good relationship with bank account officers. The factors were similar to the findings of some previous studies but their rankings changed. Based on the findings of this study, recommendations are made to banks on how their marketing strategies should be formulated with the changing customer profile. iv TABLE OF CONTENTS ABSTRACT ii TABLE OF CONTENTS iv LIST OF TABLES vi ACKNOWLEDGEMENTS viii Chapter I. INTRODUCTION 1 The Bankii^ Industry 1 Corporate Banking in Hong Kong 4 Market Characteristics of Corporate Sector 13 II. THIS STUDY 16 Purpose of the Study 16 Justification of the Study 16 Scope of the Study 20 III. RESEARCH METHODOLOGY 22 Research Design 22 Sample Selection 23 Survey Design 23 Questionnaire Development 24 Timing of the Survey 25 IV. ANALYSIS OF FINDINGS 26 Response Rate 26 Demographics of the Samples 27 The Most Important Banks 35 Usage of Banking Services 38 Factors Inducing Bank Switching 44 The Best Banks 49 Determinant Attributes of Banks / Banking Services Excluding Lending Policy 50 Bank's Lending Policy re Determinant Attributes 54 V V. LIMITATIONS OF THE STUDY 57 Non-Response Bias 57 Response Bias 58 Sample Selection Bias 59 Language Used in Questionnaire 60 VI. COMPARISON OF STUDIES 61 Studies in Other Parts of the World 63 Study of KK Chan and S M Ma 67 VII. RECOMMENDATIONS 74 Market Segmentation 75 Market Positioning 77 Marketing Strategies 78 Other Recommendations 81 Directions for Future Research 85 VIIL CONCLUSIONS 86 APPENDICES 88 BIBLIOGRAPHY 103 vi LIST OF TABLES Table 1.1 Banks and Banking Offices in Hong Kong 2 Table 1.2 Contribution to GDP 3 Table 1.3 Liabilities and Assets : Licensed Banks 6 Table 1.4 Market Share of the Top Five Local Banks in Hong ... 7 Kong (Percentage of all locally incorporated banks) Table 1.5a Market Share of Assets of All Currencies for 10 Authorized Institutions by Country of Ownership (%) Table 1.5b Market Share of Loans for Use in Hong Kong for 10 Authorized Institutions by Country of Ownership (%) Table 1.5c Market Share of Hong Kong Dollar Assets for 11 Authorized Institutions by Country of Ownership (%) Table 1.5cl Market Share of Hong Kong Dollar Deposits for 11 Authorized Institutions by Country of Ownership (%) Table 1.6 Number of Establishments and Persons 14 Engaged by Major Industry Group Table 2.1 Hong Kong External Trade by Major 18 Trading Partners Table 2.2 Foreign Investment in Hong Kong's Manufacturing ... 19 Sector (Percentage of Total) 1980-88 (on Cumulative Totals Based on Original Costs) Table 4. la Place of Domicile of Respondent Companies 27 Table 4.1b Industry Sector 28 Table 4.1c Company History (Years) 28 Table 4. Id Number of Employees 29 Table 4.1e Sales Turnover (Last Year - HK$'millions) 29 Table 4. If Major Place of Operation 30 Table 4.1g Number of Respondents Having Investment in / 31 Trading Business with PRC vii Table 4. Ih Number of Years the PRC Connection had been 31 Established (for those Companies Having PRC Connection) Table 4.2 Number of Banks Maintained by Companies 34 Table 4.3 Ranking of Important Banks 36 Table 4.4 Relative Importance of Banks by Demographics 37 Table 4.5 Share of Transaction and Borrowing Activities 38 Table 4.6 Usage of Banking Services 39 Table 4.7 Percentage Never Heard of the Services 44 Table 4.8 Factors Inducing Bank Switching 46 Table 4.9 The Best Banks 50 Table 4.10 Determinant Attributes of Banks/Banking Services .... 51 Excluding Lending Policy Table 4.11 Determinant Attributes of Banks/Banking Services .... 55 re Lending Policy Table 4.12 Determinant Attributes of Banks/Banking Services .... 56 Table 6.1 Comparison of Multiple Banking Behaviour 64 (Geographical Difference) Table 6.2 Comparison of Determinant Attributes of Banks / 66 Banlang Services in Decreasing Order of Importance (Geographical Difference) Table 6.3 Comparison of Multiple Banking Behaviour 68 (Time Series) Table 6.4 Reasons for Leaving Main Banker (Time Series) 70 Table 6.5 Comparison of Most Important Bank Attributes 71 (Time Series) Table 6.6 Use of Financial Services (Time Series) 72 Table 7.1 The Marketing System - A Model 74 Table 7.2 Market Segmentation by Companies' 77 Demographics viii ACKNOWLEDGEMENT The authors wish to express their gratitude to the supervisor of this study, Dr Dennis K K Fan, for his valuable advice throughout the study. Without his guidance and encouragement, this study would not have had completed. Acknowledgements are also extended to all those companies which have rendered their assistance by returning the questionnaires. Special thanks go to all the companies the authors have interviewed in the pilot run of the questionnaire. The authors are also indebted to their wives for their tolerance and patience during the study. Despite all the help and suggestions offered to the authors, it is possible that errors and omissions occur in this report. This certainly remains the authors' responsibility. 1 CHAPTER I INTRODUCTION The Banking Industry Hong Kong as a Financial Centre Hong Kong has emerged as one of the prominent international financial centres in the world since late 70's. At the end of 1992, there were 164 licensed banks operating in Hong Kong (Table 1.1)，of which 134 banks were incorporated overseas. Among the top 100 banks in terms of assets in the world in 1991，83 have operations in the territory. Over 60 percent of the sector's aggregate assets and liabilities are external, spreading over more than one hundred countries. It is now the largest centre for international loan syndications in the Far East excluding Japan. Besides, over 90 percent of the People's Republic of China's ("PRC") external borrowings are arranged in Hong Kong, for instance, from World Bank and Asian Development Bank. In 1991， total assets of the banking sector grew by 7 percent to HK$5.6 trillion of which 79 percent were denominated in foreign currencies reflecting Hong Kong's role as a major international banking centre、 1 Hong Kong Government. Hong Kong Annual Report. Hong Kong: 1992. 2 Financial institutions in Hong Kong are classified as licensed banks, restricted license banks and deposit taking companies. This study will focus the discussion on licensed banks which account for 94 percent of the total loans of all authorized financial institutions^. Table 1.1 Banks and Banking Offices in Hong Kong No of No of Total Year End Licensed Banks Branches Offices 1964 88 204 292 1974 74 557 631 1984 140 1,407 1,547 1991 163 1,409 1,561 1992 164 - - Source : Hong Kong Monthly Digest of Statistics and Hong Kong Annual Reports, various issues.
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